Lightyear or InvestEngine – which is better for UK traders 2024? Compare Lightyear and InvestEngine in this detailed breakdown of their platforms, features and fees.
Lightyear is a trading app that offers multi-currency investing with low-commission US, EU and UK stocks, no commission on ETF trades, and the chance to earn high interest on uninvested USD, GBP and EUR. The firm launched in 2015 and UK retail traders will be registered under the Lightyear Financial Ltd entity. This company is authorised and regulated by the Financial Conduct Authority (FCA), license number 955739. Capital at risk
InvestEngine was founded in 2019 by the founders and CEOs of Gumtree and Ramsey Crookall, a successful independent wealth management firm. The company is regulated in the UK by the FCA and has planted itself as a strong competitor within the retail stock trading space, offering managed and DIY investment portfolios and access to more than 550 global ETFs.
Capital at risk
Pros
Lightyear offers a user-friendly trading app with thousands of global equities
The investing app has been featured in the Financial Times & CNBC
Low-cost trading with no hidden fees or inactivity penalties
Traders can earn interest on uninvested cash
Low starting deposit of just $1 for new investors
We were impressed by the company's provision of analytics reports and strategy advice, as well as top product picks and a detailed blog
Hands-on investors can benefit from completely free access to InvestEngine's services, only paying for any dealing charges
We think the firm's investment platform is intuitive and impressive, making the whole experience simple and stress-free
InvestEngine clients have a wide choice of investment and savings accounts to tailor solutions to their goals
Managed portfolios provide professional advice and expert picks for a commission of only 0.25%
Cons
Platform features are basic and won't meet the needs of seasoned traders
Limited range of instruments with no forex trading
No demo account for prospective users
No MetaTrader 4 integration
No copy trading service
Any clients looking for long-term gains from individual company stock investments must look elsewhere as InvestEngine limits its products to ETFs
Despite offering several account types, the firm does not support Lifetime ISAs or Self Invested Pension Pots (SIPPs)
